Solana (SOL) outperformed major cryptocurrencies this week, climbing more than 10% as institutional interest and on-chain activity provided strong tailwinds.
$70-72 Support Holds for the Third Time, Setting Up a Trendline Test
From a technical perspective, the $70 to $72 zone has acted as a reliable floor for SOL — buyers defended it for the third time this year, triggering another upside move. The rally has brought the token close to a descending trendline that has capped prices for months. Analyst Daan Crypto Trades noted that Solana is trying to reclaim its previous trading range after spending nearly four months below it. “Holding above $78 could signal a recovery structure,” he said. The initial breakdown below this band in early June led to a more than 20% decline.
Forward Industries Adds 500,000+ SOL; Tokenized Funds Land on Solana
Corporate adoption gained traction. Forward Industries acquired over 500,000 SOL in the past quarter at an average price of $79 per token, boosting its total holdings to 7.55 million SOL. This move underscores a broader trend of companies allocating reserves to digital assets. Separately, fintech firm Spiko launched tokenized money market funds on the Solana network, managed by European asset manager Amundi — which oversees $2.4 trillion in assets. The funds digitize traditional money market instruments for on-chain transfer and custody.
On-Chain Metrics: 100M Daily Transactions, $4.8B TVL
Network activity remains robust. Solana processes roughly 100 million transactions daily, ranking among the busiest blockchains. According to DeFiLlama, total value locked across Solana DeFi protocols stands at $4.8 billion. The number of active wallets and net capital inflows have both increased in recent sessions, while open interest in SOL futures also rose — signaling fresh money entering both spot and derivatives markets. A spike in short-position liquidations added fuel: as prices rose, bears were forced to close their trades, providing extra upward momentum.
$80-82 First Hurdle; $94.07 200-Day MA Is the Real Test
Technically, SOL has moved above its 50-day moving average ($75.85), turning it into support. The relative strength index sits at 63.8 — solid momentum without entering overbought territory. Near-term resistance lies at $80 to $82. A daily close above this zone could open the door to $90. The primary barrier, however, is the 200-day moving average at $94.07. Above that, the psychologically important $100 mark comes into view.